UNITED STATES BANKRUPTCY COURT | |||||||
NORTHERN DISTRICT OF GEORGIA | |||||||
NEWNAN DIVISION | Exhibit 99.1 | ||||||
} | CASE NUMBER | ||||||
} | 02-10835 | ||||||
} | |||||||
The NewPower Company, et. al. | } | JUDGE | W. Homer Drake, Jr. | ||||
} | |||||||
DEBTORS | } | CHAPTER 11 | |||||
DEBTOR’S MONTHLY FINANCIAL REPORTS (BUSINESS) | |||||||
FOR THE PERIOD | |||||||
3/31/2011 to 4/30/2011 | |||||||
Comes now the above-named debtor and files its Periodic Financial Reports in accordance with the Guidelines established by the | |||||||
United States Trustee and FRBP 2015. | |||||||
Paul Ferdinands | |||||||
Attorney for Debtor | |||||||
Debtor’s Address | Attorney’s Address | ||||||
and Phone Number | and Phone Number | ||||||
P.O. Box 17296 | 191 Peachtree St. | ||||||
Stamford, Ct 06907 | Atlanta, GA 30303 | ||||||
Tel: (404) 572-4600 |
NewPower Holdings, Inc. | |||
Case Number: 02-10835 | Post Petition | ||
Totals | |||
For Period from March 31, 2011 thru April 30, 2011 | |||
Opening Cash Balance - 3/31/11 | $ 280 | ||
Inflows: | |||
Customer Collections | |||
Collateral Returned | |||
-Sureties | |||
-Security Deposits | |||
Sale Proceeds/Interest Income/Other | |||
Total Inflows | |||
Distribution of Outflows | |||
Outflows: | NewPower | The NewPower | |
Post Petition: | Holdings, Inc. | Company | |
Professionals - Bankruptcy | 23 | 23 | |
Consulting Fees | |||
Lockbox Fees | |||
Supplies & Misc, Docum. Destruction | 18 | 18 | |
Rent | |||
Insurance | |||
Utilities (Heat, Hydro, Phone, etc.) | |||
Payroll (inlcuding tax payments & fees) | 11 | 11 | |
T&E Reimbursements | |||
State Tax Payments | 2 | 2 | |
Distribution to Equity | 94.60 | 95 | |
Total Outflows | 149 | 149 | |
Net Cash Flows | (149) | ||
Closing Cash Balance | $ 131 | ||
Attachment 1
NewPower Holdings, Inc. | ||||||
Case Number: 02-10835 | ||||||
Monthly Accounts Receivable Aging and Reconciliation | ||||||
For Period from March 31, 2011 thru April 30, 2011 | ||||||
Amounts in $000’s | ||||||
Accounts Receivable at Petition Date: | $ | 75,200 | ||||
Beginning of Month Balance* - Gross | $ | 13,476 | (per 3/31/11 G/L) | |||
PLUS: Current Month New Billings | - | |||||
LESS: Collections During the Month | 21,420 | |||||
End of Month Balance - Gross | $ | (7,944) | (per 4/30/11 G/L) | |||
Allowance for Doubtful Accounts | 7,944 | |||||
End of Month Balance - Net of Allowance | $ | - | ||||
Note: | The accounts receivable aging below relates only to deliveries to | |||||
customers subsequent to the June 11, 2002 petition date. | ||||||
AR Aging for Post Petition Receivables | ||||||
Current | > 30 days | > 60 days | Total | |||
$ - | $ - | $ 111 | $ 111 |
Attachment 2
NewPower Holdings, Inc. | ||||||
Case Number: 02-10835 | ||||||
Monthly Accounts Payable and Secured Payments Report | ||||||
For Period from March 31, 2011 thru April 30, 2011 | ||||||
Amounts in $000’s | ||||||
See attached System Generated A/P reports as of 4/30/2011 (Attachments 2A and 2B). | ||||||
Beginning of Period Balance | $ | 56 | (per 3/31/11 G/L) | |||
PLUS: New Indebtedness Incurred | 41 | |||||
LESS: Amounts Paid on A/P | (41 | ) | ||||
End of Month Balance | $ | 56 | (per 4/30/11 G/L) |
Exhibit 2A
The New Power Company
Vendor Balance Detail
As of April 30, 2011
Date | Amount | Balance | |||||||
Commissioner of Revenue Services, Ct | 0.00 | ||||||||
04/29/2011 | 71.60 | 71.60 | |||||||
04/29/2011 | -71.60 | 0.00 | |||||||
Total Commissioner of Revenue Services, Ct | 0.00 | 0.00 | |||||||
Delaware Secretary of State | 0.00 | ||||||||
04/29/2011 | 1,062.00 | 1,062.00 | |||||||
04/29/2011 | 650.00 | 1,712.00 | |||||||
04/29/2011 | -1,062.00 | 650.00 | |||||||
04/29/2011 | -650.00 | 0.00 | |||||||
Total Delaware Secretary of State | 0.00 | 0.00 | |||||||
Iron Mountain Off-Site Data Protection | 0.00 | ||||||||
04/20/2011 | 18,351.58 | 18,351.58 | |||||||
04/20/2011 | -18,351.58 | 0.00 | |||||||
Total Iron Mountain Off-Site Data Protection | 0.00 | 0.00 | |||||||
Mellon Investors Services, LLC | 0.00 | ||||||||
04/25/2011 | 6,500.00 | 6,500.00 | |||||||
04/29/2011 | 94,590.42 | 101,090.42 | |||||||
04/29/2011 | -101,090.42 | 0.00 | |||||||
Total Mellon Investors Services, LLC | 0.00 | 0.00 | |||||||
Ms. Patricia Foster | 0.00 | ||||||||
04/29/2011 | 450.00 | 450.00 | |||||||
04/29/2011 | -450.00 | 0.00 | |||||||
Total Ms. Patricia Foster | 0.00 | 0.00 | |||||||
Sidley Austin Brown & Wood | 0.00 | ||||||||
04/20/2011 | 13,723.08 | 13,723.08 | |||||||
04/20/2011 | -13,723.08 | 0.00 | |||||||
Total Sidley Austin Brown & Wood | 0.00 | 0.00 | |||||||
TOTAL |
Exhibit 2B
The New Power Company
Unpaid Vendor Balances
April 30, 2011
Balance | ||
Franchise Tax Liability | 55,465.82 | |
Payroll Tax Liablility | 9,656.00 | |
65,121.82 |
Attachment 3
NewPower Holdings, Inc.
Case Number: 02-10835
Inventroy and Fixed Assets Report
For Period from March 31, 2011 thru April 30, 2011
Amounts in $000's
Inventory Report | ||||||
Inventory Balance at Petition Date | $ 15,587 | |||||
Inventory at Beginning of Period | $ - | (per 3/31/11 G/L) | ||||
PLUS: Inventrory Purchased | - | |||||
LESS: Inventory Used or Sold | - | |||||
End of Month Balance | $ - | (per 4/30/11 G/L) | ||||
Inventory is generally costed at the lower of cost or market. By the end of July 2002 we had sold | ||||||
all of our gas inventory either to retail customers or financial buyers as part of our asset sales. | ||||||
Fixed Asset Report | ||||||
Book Value at Petition Date | $ 1,238 | |||||
Our fixed assets at petition date consisted of office furniture and equipment. These assets | ||||||
were transferred to our lessor in June 2002 as part of the settlement of our lease obligation. | ||||||
Fixed Assets at Beginning of Period | $ - | |||||
Less: Depreciation Expense | - | |||||
Less: Dispositions | - | |||||
Add: Purchases | - | |||||
Fixed Assets at End of Period | $ - | |||||
Attachment 4
Page 8 of 15
Name of Debtor : | NewPower Holdings Inc. | ||||
Case # : | 02-10835 | ||||
Reporting Period: | 4/01/2011-4/30/2011 |
Name of Bank: | JP Morgan Chase | ||||
Branch: | New York ABA # 021000021 | ||||
Account Name: | The New Power Company Concentration Account |
Account Number: | |||||
Purpose of Account: | Concentration Account | ||||
Beginning Balance | $ 116,412.62 | ||||
Total Deposits | $ 100,000.00 | Transfer from Money Market | |||
Total Payments | $ 152,165.08 | Transfer to Manual Checking | |||
Closing Balance | $ 64,247.54 | ||||
Electronic Payments issued this Period | 4 | ||||
Last Payment issued this Period | |||||
Total # of payments this Period | 4 |
Attachment 4
Page 9 of 15
Name of Debtor : | NewPower Holdings Inc. | |
Case # : | 02-10835 | |
Reporting Period: | 4/01/2011-4/30/2011 |
Name of Bank: | JP Morgan Chase |
Branch: | New York ABA # 021000021 | |
Account Name: | The New Power Company | |
Account Number: | ||
Purpose of Account: | Money Market | |
Beginning Balance | $ 163,528.39 | |
Total Deposits | $ 6.10 | Interest Income |
Total Payments | $ 103,279.42 | Payroll Taxes and transfer to Concentration of $100,000 |
Closing Balance | $ 60,255.07 | |
Service Charges | $ - | |
First Check issued this Period | N/A | |
Last Check issued this Period | N/A | |
Total # of checks issued this Period | N/A |
Attachment 4
Page 10 of 15
Name of Debtor : | NewPower Holdings Inc. | ||
Case # : | 02-10835 | ||
Reporting Period: | 4/01/2011-4/30/2011 | ||
Name of Bank: | JP Morgan Chase | ||
Branch: | Syracuse, NY | ||
Account Name: | The New Power Company | ||
Account Number: | |||
Purpose of Account: | Controlled Disbursements (A/P) |
Beginning Balance | $ 0.00 | ||
Total Deposits | $ 20,000.00 | Transfer from Concentration | |
Total Payments | $ (13,820.49) | ||
Closing Balance | $ 6,179.51 | ||
Service Charges | N/A | ||
First Check issued this Period | 201401 | ||
Last Check issued this Period | 201411 | ||
Voided Checks | 2 | ||
Total # of checks issued this Period | 9 |
Exhibit 5
The New Power Company
Check Detail
As of April 30, 2011
Check Detail
As of April 30, 2011
Date | Num | Name | Amount | |||
04/14/2011 | wire | United States Treasury | 3,279.41 | |||
04/15/2011 | dir dep | M. Patricia Foster | 3,714.98 | |||
04/15/2011 | wire | CT Commissioner of Revenue Services | 504.16 | |||
04/20/2011 | electronic | Iron Mountain Off-Site Data Protection | 18,351.58 | |||
04/20/2011 | electronic | Sidley Austin Brown & Wood | 13,723.08 | |||
04/29/2011 | dir dep | M. Patricia Foster | 3,716.23 | |||
04/29/2011 | 201447 | Delaware Secretary of State | 1,062.00 | |||
04/29/2011 | 201448 | Delaware Secretary of State | 650.00 | |||
04/29/2011 | 201414 | Administrator Unemployment Compensation | 285.00 | |||
04/29/2011 | 201415 | United States Treasury | 0.00 | |||
04/29/2011 | 201416 | Commissioner of Revenue Services, Ct | 71.60 | |||
04/29/2011 | wire | Mellon Investors Services, LLC | 6,500.00 | |||
04/29/2011 | wire | Mellon Investors Services, LLC | 94,590.42 | |||
146,448.46 | ||||||
146,448.46 |
Attachment 6
NewPower Holdings, Inc. | ||
Case Number: 02-10835 | ||
Monthly Tax Report | ||
For Period from March 31, 2011 thru April 30, 2011 | ||
Amounts in $000's |
Taxes Paid During the Month | |
Employment Taxes | 3.6 |
Connecticut State Tax | 0.5 |
Corporate Taxes | 1.8 |
Taxes Owed and Due | |
Payroll Tax Liability | 9.6 |
Attachment 7A
NewPower Holdings, Inc. | |||
Case Number: 02-10835 | |||
Summary of Officer Compensation / Summary of Personnel and Insurance Coverages | |||
For Period from March 31, 2011 thru April 30, 2011 | |||
Amounts in $000's |
Summary of Officer Compensation | |||
See supplemental attachment. | |||
Personnel Report | |||
Full Time | Part Time | ||
# of Employees at beginning of period | 1 | ||
# hired during the period | - | - | |
# terminated/resigned during period | - | - | |
# employees on payroll - end of period | 0 | 1 | |
# of employees on temporary consulting assignments | 0 | ||
Confirmation of Insurance | |||
See supplemental attachment. * | |||
* Omitted | |||
Attachment 7B
(Supplemental)
Payments made to insiders 4/01/11-4/30/2011 |
Payments are in gross amts | |||||
Title | Amount | Date | Type | ||
M. Patricia Foster | President & CEO | $ 5,208.33 | 4/15/2011 | Salary for pay period 4/01 - 4/15 | |
$ 5,208.33 | 4/30/2011 | Salary for pay period 4/16 - 4/31 | |||
$ 10,416.67 | |||||
Attachment 8
NewPower Holdings, Inc. |
Case Number: 02-10835 |
Significant Developments During Reporting Period |
For Period from March 31, 2011 thru April 30, 2011 |
none |